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San Marino youth entrepreneurship


(Legislative Reference Law 178/2015 and subsequent amendments)

Target
The aim is the promotion and support of new youth entrepreneurship and the development of activities in historical centers. In particular:
  • promote entrepreneurship of young people;
  • to qualify the professionalism of the beneficiary subjects and to promote the business culture;
  • facilitate access to credit for young companies and / or the prevalent participation of young people;
  • to provide economic and fiscal incentives in favor of economic activities and in favor of public establishments in peripheral historical centers, with the aim of revitalizing the historic peripheral centers through the creation of new economic activities.

Requirements
They can take advantage of the benefits provided by the aforementioned law:
  1. The newly established companies under San Marino law:
  • Organized in an individual form, exclusively owned by young people between the ages of 18 and 40, 45 if they are women, and who have actual residence (or registry) in the Republic of San Marino;
  • organized in a corporate form and in a cooperative form, where at least 51% of the shares are owned by young people aged between 18 and 40, 45 if they are women, and who have actual residence (or personal data) in the Republic of San Marino or San Marino citizenship.
  • The holders of the investments must perform full-time employment in the company; Note: for the cooperatives half of the members plus one must be hired as full-time associate member. These employment conditions must persist within 180 days of the issuance of the license.
Note > new entrepreneurial initiatives that are in continuity with already existing companies are not eligible, unless they are configured as a survey of the same. In the case of detection of companies of relatives or similar within the 2nd level of the applicant, the benefits are granted only if the survey is characterized by elements of innovation with respect to the activity previously carried out. that enterprise which brings new features in the product, in the process, in the organization, or in the relationship with the market compared to the state of technology and knowledge held by the already existing companies. > in order to demonstrate innovation, it is necessary to prepare the business plan.

Advantage
The benefits granted to companies meeting the above requirements are as follows:
  1. Honor loan (an instrument to promote the promotion of youth entrepreneurship):
  • is configured as a subsidized loan granted on honor, in which there are no guarantees. The maximum amount of the loan of honor is € 15,000, to be repaid from the 2nd year of activity, in 4 semi-annual constant installments if the repayment plan of the loan is not complied with the amounts still to be repaid are to be registered The Industrial Office is responsible for the recovery actions and is assisted by the Evaluation Committee.
  • The amount financed can only be used to meet the costs of setting up, investing and managing the economic initiative. Expenses for the purchase of real estate are not allowed (expenses related to rental expenses for properties used exclusively for business purposes are allowed) or motor vehicle, unless the latter is the main instrument for the exercise of 'activities. The assets financed must be destined, physically and legally, to carry out the activity started, for the entire duration of the loan;
  1. Application of the IGR reduced rate equal to 4% for the first 6 years of activity.
  2. Application of the 50% discount on employer contributions for employees recruited from job start lists for a maximum of six years.
  3. Granting of subsidized credit, guaranteed by appropriate personal or real guarantees with interest paid by the State up to the extent of 60% of the eligible project, calculated on the maximum ceiling of € 100,000 for service and commercial companies and € 200,000 for production. The subsidized loan is conditional on the inclusion of a privilege on the assets financed in favor of the State> The obligations deriving from the loans, after the consolidation of the privilege, are not subject to the revocatory insolvency action provided for by article 3 of the Law of 15 November 1917 n.17 and subsequent modifications, neither to the "pauliana" revocatory action.
The subsidized loan is granted for the financing of some investments considered eligible (Article 5), such as those relating to:
  • Machinery, implants and equipment;
  • Other multi-year tangible assets;
Note > Investments are not admissible for the purchase of land or for the purchase or construction of the buildings destined for business premises and the investments incurred before the date of submission of the application for access to the benefits;
  1. the payment / release of the entire subscribed capital may take place within the third year of activity, by way of derogation from Law no. 47/2006 (Company Law);
  2. the tax losses incurred in the first 3 tax periods from the date of incorporation can be calculated as a decrease in total income without any time limit;
  3. exemption of the first issue license fee and for the following two years, with no possibility of reimbursement of any tax already paid;
  4. the benefits related to the loan of honor can be tripled (maximum € 45,000), in the event that the new economic activity qualifies as innovative, with the characteristics indicated above.
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